The third financial dialogue between Switzerland and Saudi Arabia took place in Zurich on July 12, 2021. The meeting was opened by Federal Councillor Ueli Maurer and Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan.
The main topics addressed in the financial dialogue between Switzerland and Saudi Arabia were the great potential of digitalisation for sustainable financial services, an improvement in reciprocal market access and sovereign debt management. The delegations also acknowledged the double taxation agreement between the two countries that came into force on April 1, 2021. Finally, the infrastructure operators SIX and Tadawul signed a memorandum of understanding on cooperation in the stock exchange sector.
The financial dialogue also included a meeting between the two delegations and high-ranking representatives of Swiss banks and insurance companies, as well as visits to fintech companies in the Zurich region.
The first two financial dialogues between Switzerland and Saudi Arabia were held in 2018 and 2019. Saudi Arabia is one of Switzerland’s most important trading partners in the Middle East, with an annual trade volume of around CHF 2.3 billion. Over 100 Swiss companies operate locally in Saudi Arabia.